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U.S. equity futures are near their pre-market highs as European indices rebound from yesterday's selloff which saw Italy's MIB and Spain's IBEX lose 4.5% and 3.8% respectively. The S&P 500 futures are adding 0.5%.

The Reserve Bank of Australia held its key interest rate unchanged at 3.00%.

Australian house price index rose 1.6% quarter-over-quarter, while an increase of 0.3% was broadly expected. Meanwhile, the country's trade deficit was reported at AUD0.43 billion, better than the deficit of 0.80 billion expected by the market.

India's HSBC Services PMI came in at 57.5, better than the generally expected reading of 55.6.

Looking at news:

China's National Bureau of Statistics said the country will widen its PMI sample in order to better reflect manufacturing conditions.

Bank of Japan Governor Masaaki Shirakawa will step down three weeks earlier than expected. The governor is now scheduled to depart on March 19.

European markets are near their highs as trade nears midday. Germany's DAX is adding 0.3%, United Kingdom's FTSE is rising 0.7% while France's CAC is higher by 1.1%. On the periphery, Italy's MIB and Spain's IBEX are seeing respective gains of 1.3% and 1.8%.

Looking at notable economic data points:

This morning, Eurozone economies reported their respective Services PMI readings. Most reports came in ahead of analyst expectations. However, Italy's reading of 43.9 was well short of the 45.8 expected by the market. In aggregate, regional PMI reports produced a Eurozone reading of 48.6, slightly better than the expected 48.3.

Eurozone retail sales slipped 0.8% month-over-month, which was worse than the generally expected downtick of 0.5%.

In news:

German Economy Minister Philipp Roesler said the country's objective should be to boost competitiveness rather than weaken the euro.

Germany's DAX is underperforming amid relative weakness in the shares of Bayer as well as auto exporters.

Italian and Spanish markets are rebounding from yesterday's losses with financials in the lead.

In U.S. corporate news:

Yum! Brands (YUM 59.85, -4.09) is sliding 6.3% after reporting its fourth quarter results. Though the restaurant operator beat on earnings, its guidance was a point of concern as the company expects full-year 2013 earnings to decline by mid-single digits. Additionally, Yum! expects its first quarter China same-store sales to remain unchanged for the balance of the quarter. This would translate to a 25% decline.

ArchCoal (ACI 6.64, -0.29) is slipping 4.2% after missing on earnings and revenue. However, the company said it expects an improvement in the second half of the year.

Today's economic data will be limited to the January ISM Services Index. This report will be released at 10:00 ET.